NorthWest Biotherapeutics Inc (NWBO)

[hyperopia]

This part deserves repeating, and it explains why Merck may be willing to pay $20B+ (or whatever Linda’s number is) for NWBO when they do their due diligence. And by the way, the deal could be structured in a number of different ways including, all cash, all stock, cash and stock, cash and CVR’s, etc.

Kenneth C. Frazier - Merck & Co., Inc. - Chairman, President & CEO
Everything is fully valued out there from everything that we can see. But we have a lot of strength in our balance sheet. We can do transactions as we take the long view. Again, the sweet spot for us has always been the kinds of transactions that are at a stage where we think that we can use our own internal scientific, our development prowess, our commercial prowess, to make those have more value than they do in the hands the people that have them now. And we'll continue to look at them. Even though they're fully valued, that doesn't necessarily scare us away.